FxWirePro: Swedish Krona eases on record-breaking cashlessness
The Swedish Krona eased as the country faces record breaking cashlessness. Sweden may be about to take its world-beating cashlessness to the next level, as the pandemic threatens to push its notes and coins close to exti…
The Swedish Krona eased as the country faces record breaking cashlessness.
Sweden may be about to take its world-beating cashlessness to the next level, as the pandemic threatens to push its notes and coins close to extinction.
According to the latest data, Sweden has less cash in circulation than anywhere else in the world, at around 1 per cent of gross domestic product.
However, weakness in the greenback due to expectations the Fed is going to increase quantitative easing supported the Swedish currency.
USD/SEK trades 0.1 percent higher at 8.7733, having hit a low of 8.6843 on Thursday, its lowest since September 2.
On Friday, the pair rose above the 8.8000 handle but retraced to close flat at 8.7670.
Immediate resistance is located at 8.8013, any close above could take it near 8.8170.
On the lower side, support is seen at 8.7441 (21-EMA), break below could take it till 8.7338 (10-DMA).
